Govt Grant Received by Trust towards Corpus Fund is Not Chargeable to Tax

DCIT (E) Vs Electronics & Quality Development Centre (ITAT Ahmedabad) Insofar as the grant of Rs.6,18,22,000/- received by the assessee-trust from the Government of Gujarat is concerned, it is observed that the said grants were directly taken by the assessee-trust to the corpus funds in the balance-sheet. The Assessing Officer, however, did not accept this treatment given by the assessee-trust and treated the same as income of the assessee mainly on the ground that there was no specific direction of the donor that the said grants constituted corpus donation and the same were available to t...